Kelowna Real Estate News

March 2024 Stats

I think many had high hopes for March, myself included, that we might start to see sales picking up, but it wasn’t as much as we’d all hoped. 

April and May are historically when markets shift and when the pace is set for the year. Of course, interest rates are another variable, with many calling for a subdued 0.75% decrease in 2024 (vs the 1.0-1.5% expected earlier this year).


 Benchmark Price Trend (3 months)
11% of listings selling 
80% of sales are under $1.150M

Aside from 2020, this is the first time in 10 years that the benchmark price DECREASED from February to March, where it typically increases as we move into the spring selling season. It decreased slightly from $1.009M to just under the million mark at $986K – in line with January of this year.

Comparing the sales numbers to our 10-year averages, the gap seems to be widening and our sales numbers are slowly edging further and further away from the average. As you can see, we are trending in the wrong direction to reach a balanced market.
January Sales: 30% under average 
February Sales: 37% under average 
March Sales: 42% under average 

At the other end of the equation, the listing inventory is also climbing faster than average which is helping keep us in a buyers’ market.
January Listings: 30% over average 
February Listings: 31% over average 
March Listings: 39% over average 

There were 5 sales over $2M, with the most expensive at $3M (it was lakefront). 
With 203 homes for sale over $2M, the high end market is still extremely slow, which makes it a market ripe with opportunity.


 Benchmark Price Trend (3 months)
16% of listings selling
80% of sales are under $800K

Townhomes continue to outperform the other segments. They are the first to enter back into a balanced market (albeit just barely)! March sales are 25% under the average, which compared to single family homes, is excellent. The listing inventory has been climbing which is expected this time of the year, and we currently have about 30% more than we’d like to see. You may have noticed townhome construction everywhere; a whopping 26% of the listings are brand new units! This gives good selection to buyers, especially those looking in the $800-$1M range.

There were 3 sales over $1M, with the most expensive at $1.2M at Lakestone Villas in Lake Country.


 Benchmark Price Trend (3 months)
12% of listings selling 
80% of sales are under $550K

Condos are still coming along, and inched 1% closer to being in a balanced market in March. New construction hasn’t flooded the market yet as many buildings are either not finished yet, or rental only.
The area with the highest activity was downtown, which made up almost 20% of all sales.

As you can see below, we still havn’t seen a flood of units out of the largest short term rental complexes. I’ll be curious to continue to keep an eye on this and see how it progresses.  I’m sure some good deals could be made in these buildings though.

ex-Short Term Rental Building Pulse
Playa Del Sol: 13 of 283 units for sale (0 sales in last 30 days)
Discovery Bay: 18 of 263 units for sale (0 sales in last 30 days)
Sunset Waterfront: 4 of 131 units for sale (0 sales in last 30 days)

Thinking of making a MOVE? 

Send me an email or give me a call at 250-870-8600. I’m always happy to talk to you about whether it makes sense or not for your situation.


Click below to view detailed graphs about the market segment you’re most interested in!

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Major Cities Report



Supply Still Key To Victoria’s Housing Market

A total of 588 properties sold in the Victoria Real Estate Board region this March, 0.3 per cent fewer than the 590 properties sold in March 2023 but a 25.1 per cent increase from February 2024.

“We’ve concluded a rather quiet first quarter and are transitioning into the spring market,” said 2024 Victoria Real Estate Board Chair Laurie Lidstone. “Many of our local REALTOR® members are noting that more shoppers are coming into the market – but this has not necessarily translated into sales numbers. This may change as we move into what is historically the busiest market of the year.”

There were 2,647 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of March 2024, an increase of 12 per cent compared to the previous month of February and a 34.4 per cent increase from the 1,970 active listings for sale at the end of March 2023.



Increased Seller Activity Is Giving Buyers More Choice This Spring

The Greater Vancouver REALTORS reports that residential sales in the region totaled 2,415 in March 2024, a 4.7 per cent decrease from the 2,535 sales recorded in March 2023. This was 31.2 per cent below the 10-year seasonal average (3,512).

“If you’re finding the weather a little chillier than last spring, you may find some comfort in knowing that the market isn’t quite as hot as it was last spring either, particularly if you’re a buyer. Despite the welcome increase in inventory, the overall market balance continues inching deeper into sellers’ market territory, which suggests demand remains strong for well-priced and well-located properties.” says Andrew Lis, GVR director of economics and data analytics

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,196,800. This represents a 4.5 per cent increase over March 2023 and a 1.1 per cent increase compared to February 2024.



March Reflects Strong Seller’s Market And Price Increases

March sales rose to 2,664 units, a 10 per cent year-over-year gain and much higher than long-term trends. While new listings did pick up over last month, the 3,172 units were still below what we typically see in March and not enough relative to sales to drive any change in the supply situation. In March, the sales-to-new listings ratio rose to 84 per cent, and the months of supply fell below one month.

“We have not seen March conditions this tight since 2006, which is also the last time we reported high levels of interprovincial migration and a months-of-supply below one month,” said Ann-Marie Lurie, Chief Economist at CREB®. “Moreover, we are entering the third consecutive year of a market favouring the seller as the two-year spike in migration has driven up demand and contributed to the drop in re-sale and rental supply. Given supply adjustments take time, it is not a surprise that we continue to see upward pressure on home prices.” 

Inventory levels have declined across properties priced below $1,000,000, with the steepest declines occurring for homes priced below $500,000. In March, there were 2,532 units in inventory, 22 per cent lower than last year and half the levels we traditionally see in March.


Numbers Give Clear Indication That The Spring Market Has Begun

There were a total of 2,467 residential unit sales in the Greater Edmonton Area (GEA) real estate market for March 2024, showing increases of 25.6% over February 2024, and 35.7% over March 2023. New residential listings amounted to 3,597, a number 32.4% higher than in February 2024, and 8.9% higher than March 2023. Overall inventory in the GEA increased 10.7% from February 2024, but is still 15.4% lower than March 2023.

“It’s great to see an increase of just over 30% for new listings last month, but our overall inventory is still lower than last year by 15%.” says REALTORS® Association of Edmonton 2024 Board Chair Melanie Boles. “Unit sales numbers are still strong, but not outpacing the new listings; they’re actually very balanced with each other and that’s positive for both buyers and sellers.”

Total residential average prices came in at $420,959, a 3.4% increase from February 2024, and an 8% increase from March 2023.



Selling Prices Up In March And Set To Accelerate This Spring

March 2024 home sales reported through TRREB’s MLS® System were lower than the March 2023 result, due in part to the statutory holiday Good Friday falling in March this year versus April last year. Despite a better-supplied market compared to last year, there was enough competition between buyers to see a moderate increase in the average March home price compared to last year’s level.

“We have seen a gradual improvement in market conditions over the past quarter. More buyers have adjusted to the higher interest rate environment. At the same time, homeowners may be anticipating an improvement in market conditions in the spring, which helps explain the marked increase in new listings so far this year. Assuming we benefit from lower borrowing costs in the near future, sales will increase further, new listings will be absorbed, and tighter market conditions will push selling prices higher,” said TRREB President Jennifer Pearce.

The MLS® Home Price Index (HPI) Composite benchmark was up by 0.3 per cent year-overyear. The average selling price was up by 1.3 per cent to $1,121,615. On a seasonally-adjusted month-over-month basis, the MLS® HPI Composite was up by 0.2 per cent and the average selling price was up by 0.7 per cent compared to February

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